Daily Currency Update

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The U.S. dollar and equity markets bounce moderately as we await more news about the Coronavirus.

USD - United States Dollar

In an empty economic calendar, the FX market is waiting for Trump's comments in a news conference at 6 pm EST on the coronavirus. Additionally, later today, at 10:45am, FOMC member Robert Kaplan will speak. Yesterday, at a real estate symposium, Kaplan noted, "…events still too fluid around the coronavirus to say if the Fed needs to lower short-term rates... we are still in the heat of this, and there's just a lot of uncertainty, so anytime you are in the middle of something where there's a lot of uncertainty, and you know that in the next three or four weeks some of that uncertainty is going to get cleared up, either for better or worse, I think it pays to be patient."

Furthermore, at 11 am, new home sales data will be released and FOMC member Kashkari will speak from Minneapolis.

Key Movers

ECB Christine Lagarde is speaking at 9:30 am, and the Euro is falling against the Greenback amid speculation of Lagarde's comments about Germany's proposal to freeze the debt limit. Early today, Lagarde said that news that Germany wants to temporarily suspend its constitutional debt brake to provide space for regions to spend more is, "…certainly very welcome."

Expected Ranges

USD/CAD: 1.3267 - 1.3308 ▲

EUR/USD: 1.0852 - 1.0920 ▼

GBP/USD: 1.2927 - 1.3018 ▼

AUD/USD: 0.6562 - 0.6632 ▼

NZD/USD: 0.6294 - 0.6339 ▼

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